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SingaporeResearch
StrataCommercial
H22025
.sg/research
“Inthesecondhalfof2025,thestrataretailmarketoutperformedstrataofficeintermsofsalesactivity.Perhapsinvestorsarebecomingmorereceptiveto
retailpropertiesasahedgeagainstrentalcyclesinviewofthebroaderchallengesfacingtheretailsector.”
MARYSAI,EXECUTIVEDIRECTOR,CAPITALMARKETS
Exhibit1:SnapshotofOverallStrataOfficeandStrataRetailPerformance
STRATAOFFICESTRATARETAIL
H22025
TotalTransactedValue:S$448.0million
No.ofTransactions
181
AveragePrice:
S$3,491psf
TotalTransactedValue:S$293.0million
No.ofTransactions
114
AveragePrice:
S$3,006psf
H12025
TotalTransactedValue:S$355.8million
No.ofTransactions
163
AveragePrice:
S$2,224psf
TotalTransactedValue:S$736.4million
No.ofTransactions
191
AveragePrice:
S$2,805psf
Source:URARealis,KnightFrankResearch
Note:Transactionsarebasedondataavailableasat21January2026andexcludebig-ticketdealsofS$100millionandabove.
StrataOffice
OVERALLPERFORMANCE
Thestrataofficemarketended2025withthesaleof354unitstranslatingtoatotalsales
valueofS$1.1billion.Thisrepresentedadeclineof5.2%y-o-yinsalesvaluecomparedto
2024whichclosedwith330unitssoldandacorrespondingtotalsalesvalueofS$1.2billion.Nevertheless,2025markedarecordyearintermsofthenumberoftransactions,withthe
lastpeakin2014with515transactionstotallingS$1.7billionintotalsalesvalue.
Onahalfyearlybasis,theperformanceofthestrataofficemarketslowedsignificantly.
Thetotalsalesvaluedeclined51.7%toS$355.8millioninH22025fromS$736.4millioninH12025(Exhibit1).ThenumberoftransactionsinH22025fell14.7%oversixmonthsto163units,withtheaverageunitpricedecreasing20.7%toS$2,224psfinH22025from
Exhibit2:Top5StrataOfficeTransactions,H22025
DEVELOPMENTNAME
ADDRESS
LANDAREA
(SF)
SALES
PRICE
(S$MIL)
UNITPRICE(S$PSF)
SALE
DATE
SuntecTowerOne
7TemasekBoulevard
#35-01,02,03
10,097
$34.0
$3,364
2VentureDrive#20-01to14
10,775
$20.5
$1,903
30CecilStreet
#19-05/06/07/08
5,952
$16.2
$2,725
2VentureDrive#22-09to14
5,845
$13.6
$2,324
111SomersetRoad
#14-01to04
3,638
$10.6
$2,912
PrudentialTower
111Somerset
Jul-25
Aug-25
VisionExchange
Nov-25
Jul-25
VisionExchange
Sept-25
Source:URARealis,KnightFrankResearch
Note:Transactionsarebasedondataavailableasat21January2026
S$2,805psfinH12025.
InH22025,demandforstrataoffices
remainedconcentratedintheCentral
BusinessDistrict(CBD)andcity-fringe
locationswithstrongtransport
connectivity.TheDowntownCorePlanningArealedthemarketwith40unitswitha
totalvalueofS$123.0million,
predominantlycomprisingleaseholdstrataofficeswithatleast42yearsofremaining
tenure.TheOutramPlanningArearankedsecond,recording24transactionsvaluedatS$23.1million,largelydrivenbythesaleof16strataofficeunitsatManhattanHouseinJuly2025,whichhadaremainingleasetenureofapproximately43years.The
GeylangPlanningAreaplacedthird,with
23unitstransactedamountingtoS$34.9
million,mostofwhichwerefromPaya
LebarSquare,where13transactions
accountedforS$24.4millioninsalesvalue.Collectively,thesetransactionshighlight
buyers’continuedacceptanceofleaseholdstrataofficeswithsufficientremainingleasetenuretofacilitateaviableexitstrategy,
reinforcinginvestorpreferencefor
strategically-locatedassetsthatofferbothinvestmentresilienceaswellascollectivesalespotential.
AmongthestrataofficetransactionsinH22025,threeunitsatSuntecTowerOneledinprice,collectivelysellingforS$34.0millionwithacorrespondingunitpriceofS$3,364psfforacombinedstrataareaof10,097sf(Exhibit2).Twomulti-unit
transactionsatVisionExchangealsomadethetopfive,withtotalpricesrangingfromS$13.6milliontoS$20.5millionwith
strataareasofbetween5,845sfand10,775sf,reflectingS$2,324psfandS$1,903psfonstrataarea.
COMPARINGFREEHOLDANDLEASEHOLDSTRATAOFFICEPERFORMANCE
FreeholdSales
Thetotalsalesvalueofthe38freehold
strataofficeunitssoldinH22025totalledS$72.4million,asignificantdeclineof
71.2%fromthe49unitsthatsoldfor
S$251.6millioninH12025.Theaverageunitpricealsodecreased,falling33.5%half
yearlytoS$2,238psfinH22025fromS$3,368psfinthefirsthalfoftheyear.
LeaseholdSales
Inthesecondhalfof2025,125leaseholdstrataofficeunitschangedhands,translatingtoatotalsalesvalueofS$283.4million.Thiswasadeclineof41.5%fromS$484.8millionin
H12025when142unitsweresold.Similarly,theaverageunitpricefellonahalfyearly
Exhibit3:TransactionVolumeandAveragePriceofStrataOfficeUnits
No.ofFreeholdUnitsTransacted(RHS)No.ofLeaseholdUnitsTransacted(RHS)
AveragePriceofFreeholdUnits(LHS)AveragePriceofLeaseholdUnits(LHS)
AveragePrice(S$psfonstrataarea)
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
400
350
300
250
200
150
100
50
0
NumberofTransactions
2021202220232024H12025H22025
Source:URARealis,KnightFrankResearchNote:
a.Freeholdreferstopropertieswithfreeholdtenureortenureofmorethan900years.
b.Subsaletransactionsarenotshown.
c.Big-tickettransactions(greaterthanS$100million)areexcludedfromouranalysis.
d.Basedondataavailableasat21January2026.
basis,decreasing14.0%toS$2,221psfinH22025fromS$2,581psfinH1
2025.
MARKETOUTLOOK
Althoughthe354strataoffice
transactionsrecordedin2025markedanewcyclicalhighfromthepreviouspeakof515transactionsin2014,thebulkoftransactionsin2025comprisedresaleunits.Newproductcomprisingofstockfromrefurbishedbuildings
havebeensellingatamoremeasuredpace.Forexample,mostofthe
availableunitsat108RobinsonRoadandVisionCresthavebeensellinginamoderateandsteadyfashion.Lookingahead,anticipatedinterestratecuts
couldfurthersupportbuying
sentimentinto2026,andtheabsenceofnewstrataofficesupplyintheneartermisalsoexpectedtounderpinpricelevels.Againstthisbackdrop,total
transactionvaluein2026isprojectedtoreachapproximatelyS$1.0billion.
StrataRetail
OVERALLPERFORMANCE
Therewere181strataretailtransactionsinthesecondhalfof2025,asignificant
increaseof58.8%fromthe114transactionsinthefirsthalfof2025.Assuch,thetotal
salesvaluejumped52.9%toS$448.0millioninH22025fromS$293.0millioninH1
2025.Theimprovedhalfyearlyresultswasalsoresultedintheaverageunitprice
increasing16.2%toS$3,491psfinH22025fromS$3,006psfinH12025.Forthewholeof2025,295strataretailtransactionswererecorded,achievingatotalsalesvalueof
S$741.1million,reflectinganaverageunitpriceofS$3,282psf.Thiswassubstantially
Exhibit4:Top5StrataRetailTransactions,H22025
DEVELOPMENTNAME
ADDRESS
LANDAREA
(SF)
SALES
PRICE
(S$MIL)
UNITPRICE(S$PSF)
SALE
DATE
GBBuilding
143CecilStreet
#01-01,#02-01
13,068
$39.2
$3,000
51YishunCentral1
#01-01,02,03,09Etc
10,398
$34.5
$3,318
108RobinsonRoad#01-01
6,728
$27.7
$4,115
211HollandAvenue#01-05C
2,347
$14.2
$6,031
21TanQueeLanStreet
#01-03,03A
3,025
$14.0
$4,629
N.A.
Dec-25
Jul-25
Aug-25
GoldenVillage-YishunTen
Aug-25
HollandRoad
Jul-25
ShoppingCentre
HeritagePlace
Source:URARealis,KnightFrankResearch
Note:Transactionsarebasedondataavailableasat21January2026
betterthanthe249transactionswithatotalsalesvalueofS$433.3millionthataveragedS$2,905psfin2024.
Outofthe181strataretaildeals
closedinH22025,eightweresold
aboveS$10.0million.AmultipleunittransactioninGBBuildingwassoldforS$39.2million(S$3,000psf)in
July2025(Exhibit4).Another
notabledealwasthesaleofthe
GoldenVillage–YishunTenwhichconsistedofmultiplestrataretailunitstoFrasersPropertyfora
combinedtotalofS$34.5million(S$3,318psf)inAugust2025.Incontrast,amajorityof128
transactionswereunderS$2million,suggestingthatinvestorsandowner-occupiershavebeenstartingto
appreciatetheaffordabilityofbuyingstrataretailunitsasahedgeagainstretailrentalcycles.Aswithstrata
offices,certainstrataretail
transactionsmightnothavehad
caveatslodgedduetoprivacyreasons.
COMPARINGFREEHOLDANDLEASEHOLDSTRATARETAILPERFORMANCE
FreeholdSales
Therewere109freeholdstrataretailtransactionswithatotalsalestransactionvalue
amountingtoS$285.0millioninthesecondhalfoftheyear.ThiswasbyfarthehighestsinceH12016when114strataretailtransactionswererecordedwithS$266.9millionintotalsalesvalue.IncomparisontoH12025,therewere50transactionsmorethanthe59dealsanda
significantjumpof68.1%fromS$169.5million.TheimprovedsaleswasalsoreflectedintheaverageunitpricethatreachedS$4,066psfinH22025,a30.0%gainfromS$3,128psfinH12024(Exhibit5).
LeaseholdSales
InH22025,72leaseholdstrataretaildealstotallingS$163.1millionwererecorded,17morethanthe55unitsand32.0%morethantheS$123.5millioninH12025.However,theaverageunitpricedeclined1.9%toS$2,800psfinH22025fromS$2,853psfinthefirsthalfofthe
year.
Exhibit5:TransactionVolumeandAveragePriceofStrataRetailUnits
No.ofFreeholdUnitsTransacted(RHS)No.ofLeaseholdUnitsTransacted(RHS)
AveragePriceofFreeholdUnits(LHS)AveragePriceofLeaseholdUnits(LHS)
AveragePrice(S$psfonstrataarea)
$4,500
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
2021202220232024H12025H22025
350
300
250
200
150
100
50
0
NumberofTransactions
Source:URARealis,KnightFrankResearchNote:
a.Freeholdreferstopropertieswithfreeholdtenureortenureofmorethan900years.
b.Subsaletransactionsarenotshown.
c.Big-tickettransactions(greaterthanS$100million)areexcludedfromouranalysis.
d.Basedondataavailableasat21January2026.
MARKETOUTLOOK
Whileitisnotyetatrend,strataretailtransactionactivityreachedacyclicalhigh
correspondingwithachallengingretailoperatingenvironment.Thisincreasecouldhavebeencontributedbyowner-occupierswhoviewownershipasanalternativemeanstomitigate
occupationalcosts,andtoavoidrentalcyclesespeciallyinaperiodwheninterestratesare
easing.Attherightaffordabilitylevels,strataretailunitscouldattractbuyersseekinglonger-termcostcertaintyinordertofosterbusinesscontinuityinaDarwinianretailoperating
environment.However,itremainstobeseenwhetherthiswillmaterialiseintoatrend,andKnightFrankprojectsthatthetotalstrataretailtransactionvaluewillrangebetweenS$500millionandS$700millionin2026.
ForStrataCommercial
enquiries,pleasecontact:
MarySai
ExecutiveDirectorCapitalMarkets
+6562286886
mary.sai@
Forfurtherinformationonthereport,pleasecontact:
LeonardTayHead
Research
+6562286854
leonard.tay@
KohKaiJie
SeniorAnalystResearch
+6562286857
kaijie.koh@
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